1. The following figures have been extracted from the records of Somchai Store, who does not keep a full record of his transactions on the double-entry system : Account balances July 31, 2017 August 1, 2016 Accounts Receivable. $ 3,090 $ 2,760 Accounts Payable 1,320 1,080 Inventory...... 2,160 2,010 All goods were sold on credit and all purchases were made on credit. During the year ended July 31, 2017, cash received from receivables amounted to $14,610, where as cash paid to creditors amounted to $9,390. Required: a) Calculated the amount of sales and purchases for the year ended July 31, 2017. b) Prepare the income statement for the year ended July 31, 2017